Ex-FIA president Max Mosley urges F1 to consider free rules option

Ahead of a crunch meeting of F1's Strategy Group on May, F1 chiefs are trying to find ways to keep both big money manufacturers and the smaller outfits happy.

Cost cut efforts in recent years have failed, while there are concerns that ideas like increasing engine power to 1000bhp could end up costing more.

The idea of a budget cap has been around for several years, but recent plans for a universal introduction were rejected last year following opposition from the big teams.

Mosley is adamant, however, that a revised version should now be given serious thought.

His idea is that in exchange for signing up to a budget cap, teams are then given much more freedom technically to come up with the quickest car.

With costs as the main restriction, it could be that teams only have to ensure their cars comply with safety and dimensional limits.

Speaking to German publication Auto Motor Und Sport, Mosley said: "I could imagine that very soon all the teams would be in the camp of the budget cap.

"They would realise that for 100million [dollars] you could have great motorsport and build technically advanced cars."

F1 is facing increased pressure to address the costs and entertainment issue on the back of falling audience figures.

Bernie Ecclestone believes bringing back V8 engines - perhaps alongside turbo V6s - could be an answer.

Sauber's Monisha Kaltenborn told the official Formula 1 website on Tuesday that engine performance and a better understanding from fans about the sport's issues were key factors to sort out now.

"The key element has to be that there is parity among the engines," she said. "You also have to bring the fans into this discussion.

"No matter what you think about the noise being relevant or not, any issues brought up by the fans - and if there is a chance to change this - then bring them in and find out what they want and then let's see if it is doable."